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By Law Institute Journal


SUBMISSIONS - Aurumstone v Yarra Bank Developments [2017] VSC 503
The LIV considers that the recent Supreme Court of Victoria decision of Aurumstone v Yarra Bank Developments [2017] VSC 503 (Aurumstone) has altered the position at law in relation to the early release of deposits, currently permitted by s27 of the Sale of Land Act 1962 (Vic) (the Act). The LIV suggests this change in legal position has occurred to the detriment of vendor homebuyers, and introduces risk implications that purchasers (and legal practitioners acting on their behalf) may not be aware of. The LIV provided feedback to Consumer Affairs Victoria (CAV) to the effect that Aurumstone has limited the circumstances in which a purchaser may authorise early release of a deposit, such that s27 of the Act is deprived of any efficacy. The LIV considers the legislation is unclear in its current form, and Aurumstone has made the position less clear. The LIV sought legislative certainty in the area from CAV. The LIV noted that it would be grateful if CAV adopted a position on whether or not the early release of the deposit should be permissible and, if so, under what circumstances, and then proposed an amendment to the legislation to reflect that position.

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